{"id":2441,"date":"2026-01-27T19:48:10","date_gmt":"2026-01-27T19:48:10","guid":{"rendered":"https:\/\/www.gunderwealth.com\/?p=2441"},"modified":"2026-01-28T15:08:12","modified_gmt":"2026-01-28T15:08:12","slug":"trump-accounts","status":"publish","type":"post","link":"https:\/\/www.gunderwealth.com\/trump-accounts\/","title":{"rendered":"Investing For Kids: Misconceptions &#038; Tax Traps"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Section&#8221; _builder_version=&#8221;4.16&#8243; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row admin_label=&#8221;Row&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_image src=&#8221;https:\/\/www.gunderwealth.com\/wp-content\/uploads\/2026\/01\/Untitled-design.png&#8221; alt=&#8221;trump accounts&#8221; title_text=&#8221;trump accounts&#8221; align=&#8221;center&#8221; force_fullwidth=&#8221;on&#8221; align_tablet=&#8221;center&#8221; align_phone=&#8221;&#8221; align_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.27.5&#8243; max_height=&#8221;800px&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; collapsed=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Text&#8221; _builder_version=&#8221;4.27.5&#8243; ul_line_height=&#8221;1.7em&#8221; header_line_height=&#8221;1.5em&#8221; header_3_line_height=&#8221;1.5em&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Between custodial accounts, Roth IRAs for kids, 529 plans, and now proposed \u201cTrump accounts,\u201d parents have more ways than ever to save for their children. More choice sounds good \u2014 until tax rules start colliding.<\/p>\n<p>The biggest mistakes in this area aren\u2019t about picking the \u201cwrong\u201d account. They\u2019re about misunderstanding how ownership, earned income, unearned income, and kiddie tax interact over time \u2014 especially as kids grow, file their own returns, and become eligible for Roth strategies.<\/p>\n<p>Each of these accounts serves a different purpose \u2014 and misunderstanding how they interact with ownership rules and kiddie tax is where planning often goes sideways.<\/p>\n<p>A <strong>custodial account (UTMA\/UGMA)<\/strong> is a taxable account opened for a minor, managed by an adult custodian, but legally owned by the child. That ownership is why investment income can trigger kiddie tax rules \u2014 and why planning around timing, gains, and future conversions matters more than most families expect.<\/p>\n<p><strong>\u00a0\u201cTrump accounts\u201d<\/strong> are a newly proposed structure designed to encourage long-term savings for children by combining elements of custodial accounts and retirement-style tax treatment.<\/p>\n<p>A <strong>529 plan<\/strong> is a tax-advantaged savings account designed for education expenses, where contributions grow tax-deferred, and withdrawals are tax-free when used for qualified education costs.<\/p>\n<p>A <strong>Roth IRA for a child<\/strong> is a retirement account funded with earned income, where contributions are made after tax, growth is tax-free, and qualified withdrawals in retirement are not taxed. A <strong>Traditional IRA for a child<\/strong> is similar, but contributions may be pre-tax, growth is tax-deferred, and withdrawals are taxed as ordinary income.<\/p>\n<p>Our goal here is to outline a practical summary of the nuances that tend to get missed, specifically with custodial accounts and Trump Accounts.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Kids Can (and Often Should) Have <em>Multiple<\/em> Account Types<\/strong><\/h3>\n<p>If a child has <strong>earned income<\/strong>, they are not limited to choosing <em>either<\/em> a taxable account <em>or<\/em> an IRA.<\/p>\n<p>They can have <strong>both<\/strong>:<\/p>\n<ul>\n<li>A <strong>taxable account <\/strong>for flexibility and long\u2011term capital gains treatment, also known as a custodial account or UTMA\/UGMA.<\/li>\n<li>A <strong>Traditional IRA or Roth IRA<\/strong>, funded up to their earned income limit (A <strong>Roth<\/strong> <strong>IRA<\/strong> is almost always preferred).<\/li>\n<\/ul>\n<p><strong>Key takeaway:<\/strong><\/p>\n<p>If there is earned income, do both when appropriate &#8211; different buckets, different tax advantages.<\/p>\n<p>This flexibility matters later \u2014 especially when navigating kiddie tax thresholds and future Roth strategies.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Stay On Top of Kiddie Tax Rules for UTMAs (2026 Thresholds)<\/strong><\/h3>\n<p>Custodial (UTMA\/UGMA) accounts often look simple \u2014 until unearned income shows up.<\/p>\n<p>For 2026, the kiddie tax works in <strong>three buckets<\/strong>:<\/p>\n<ul>\n<li><strong>First $1,350<\/strong> of unearned income \u2192 <strong>tax\u2011free.<\/strong><\/li>\n<li><strong>Next $1,350<\/strong> \u2192 taxed at the <strong>child\u2019s marginal rate.<\/strong><\/li>\n<li><strong>Anything above $2,700<\/strong> \u2192 taxed at the <strong>parents\u2019 marginal rate.<\/strong><\/li>\n<\/ul>\n<p>This is where planning becomes proactive instead of reactive.<\/p>\n<p><strong>A Planning Question Worth Asking<\/strong><\/p>\n<p>Should you be <strong>resetting the cost basis<\/strong> in existing UTMAs?<\/p>\n<p>Strategic realization of gains (within the first two buckets) can reduce future tax drag \u2014 especially before income pushes the child into the parents\u2019 bracket.<\/p>\n<p>Ignoring this often means paying unnecessarily high taxes later.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Trump Accounts: Qualifying for the $1,000 Pilot Contribution<\/strong><\/h3>\n<p>A common point of confusion:<\/p>\n<ul>\n<li>The <strong>$1,000 pilot contribution<\/strong> requires a <strong>separate election form<\/strong> (Form 4547) and only applies to children born between 2025 &#8211; 2028.<\/li>\n<li>It receives <strong>pre\u2011tax treatment.<\/strong><\/li>\n<li><strong>It does <em>not<\/em> count toward the annual $5,000 contribution limit.<\/strong><\/li>\n<\/ul>\n<p>That makes it powerful \u2014 but only if you complete the paperwork correctly.<\/p>\n<p>Miss the election, and you lose the intended benefit.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Trump Accounts: The Importance of Form 8606 (File It Forever)<\/strong><\/h3>\n<p>Form <strong>8606<\/strong> is not optional administrative fluff. Trump Accounts (TA) can contain a mix of pre-tax and after-tax dollars.<\/p>\n<ul>\n<li>Direct contributions, which are non-deductible, are treated as after-tax dollars (i.e., basis) within the TA.<\/li>\n<li>Employer contributions, qualified general contributions (donations, e.g., Dell Foundation), and the $1,000 pilot program contribution \u2013 all of which are excluded from gross income when received \u2013 are pre-tax.<\/li>\n<li>Additionally, any growth or investment income beyond the initial contributions, which is tax-deferred until withdrawal, is pre-tax within the account.<\/li>\n<\/ul>\n<p>Form 8606 is the <strong>only permanent record<\/strong> of after\u2011tax basis in an IRA. Said another way, this is maintained so that your direct contributions aren\u2019t taxed twice.<\/p>\n<p>Why this matters even more for kids:<\/p>\n<ul>\n<li>Records get lost over time.<\/li>\n<li>Parents file returns initially, but <strong>kids eventually file on their own.<\/strong><\/li>\n<li>The IRS does <em>not<\/em> reliably track this for you.<\/li>\n<\/ul>\n<p><strong>Best practice:<\/strong><\/p>\n<ul>\n<li>File Form 8606 <strong>every single year it applies<\/strong><\/li>\n<li>Keep copies indefinitely \u2014 even in years with no contributions<\/li>\n<\/ul>\n<p>Think of it as a legal proof document, not a tax form.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Trump Accounts: The Roth Conversion Assumption Trap<\/strong><\/h3>\n<p>A common assumption:<\/p>\n<p>\u201cWe\u2019ll just convert it to Roth when our child turns 18 and his\/her tax rate is low.\u201d<\/p>\n<p>That logic breaks down under kiddie tax rules.<\/p>\n<p><strong>Why This Is Risky<\/strong><\/p>\n<ul>\n<li>A <strong>Roth conversion is treated as unearned income.<\/strong><\/li>\n<li>Unearned income is subject to the <strong>kiddie tax.<\/strong><\/li>\n<li>Large conversions can be taxed at the <strong>parents\u2019 marginal rate.<\/strong><\/li>\n<\/ul>\n<p>This often means:<\/p>\n<ul>\n<li>Waiting until the parent <strong>no longer claims their child<\/strong> on their tax return.<\/li>\n<li>Using <strong>partial conversions<\/strong> instead of all\u2011at\u2011once moves.<\/li>\n<li>Timing conversions for years when the child has <strong>no<\/strong> <strong>earned income<\/strong>, allowing more income to fall into the lower kiddie tax buckets (and likely utilizing the partial conversion strategy above).<\/li>\n<\/ul>\n<p>Roth conversions are not automatically \u201ccheap\u201d just because the account owner is young.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Trump Accounts: How to Withhold on a Roth Conversion<\/strong><\/h3>\n<p>Another easy\u2011to\u2011miss rule:<\/p>\n<ul>\n<li>If you <strong>withhold taxes on a Roth conversion<\/strong>, the amount withheld is treated as a <strong>distribution.<\/strong><\/li>\n<li>For a minor, that distribution is typically subject to a <strong>10% penalty.<\/strong><\/li>\n<\/ul>\n<p><strong>Best practice:<\/strong><\/p>\n<p>Taxes on a conversion should come from <strong>outside funds<\/strong>, not from the IRA itself.<\/p>\n<p>This rule applies to adults, too \u2014 but it\u2019s especially damaging when balances are small and compounding time is long.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Trump Accounts: A Hidden Financial Aid Advantage<\/strong><\/h3>\n<p>One surprising upside:<\/p>\n<ul>\n<li>A <strong>Trump Account is structured as a retirement account.<\/strong> As a result, financial aid calculations exclude it!<\/li>\n<\/ul>\n<p>That can materially improve aid eligibility compared to assets counted under student ownership formulas.<\/p>\n<p>Account structure matters \u2014 not just for taxes, but for future optionality.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>Final Thoughts<\/strong><\/h3>\n<p>When it comes to kids and money, the biggest mistakes aren\u2019t about being too aggressive.<\/p>\n<p>They\u2019re <strong>assumptive<\/strong>:<\/p>\n<ul>\n<li>Assuming Roth conversions are always low\u2011tax.<\/li>\n<li>Assuming the IRS keeps track of the basis.<\/li>\n<li>Assuming custodial accounts are &#8220;simple.&#8221;<\/li>\n<\/ul>\n<p>Good planning here isn\u2019t about optimization for one year.<\/p>\n<p>It\u2019s about keeping <strong>future doors open<\/strong> \u2014 and avoiding rules that quietly close them.<\/p>\n<p>If you\u2019re setting up or managing accounts for kids, this is one area where getting the details right early pays off for decades. <a href=\"http:\/\/www.gunderwealth.com\/contact\">Connect with us today<\/a> to discuss how we can optimize your kids&#8217; investment strategy.<\/p>\n<p><em>Please consult with your financial advisor and\/or tax professional to determine the suitability of these strategies. <\/em><em>All views, expressions, and opinions in this communication are subject to change. This communication is not an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Between custodial accounts, Roth IRAs for kids, 529 plans, and now proposed \u201cTrump accounts,\u201d parents have more ways than ever to save for their children. More choice sounds good \u2014 until tax rules start colliding. The biggest mistakes in this area aren\u2019t about picking the \u201cwrong\u201d account. They\u2019re about misunderstanding how ownership, earned income, unearned [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2443,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>Welcome to WordPress. This is your first post. Edit or delete it, then start writing!<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22],"tags":[372,373,368,374,371,369,370],"class_list":["post-2441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technical","tag-529s","tag-brokerage-account-for-kids","tag-investing-for-kids","tag-kiddie-tax-rules","tag-kids-investments","tag-trump-accounts","tag-utma-accounts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investing For Kids: Misconceptions &amp; Tax Traps - Gunder Wealth Management<\/title>\n<meta name=\"description\" content=\"With the debut of the now proposed \u201cTrump accounts,\u201d parents have more ways than ever to save for their children.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gunderwealth.com\/trump-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investing For Kids: Misconceptions &amp; 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